Abu Dhabi is on the verge of finalizing a deal to acquire a stake in a significant Turkish port, as indicated by four informed sources. This development marks a noteworthy shift towards reconciliation between the once acrimonious geopolitical adversaries.
According to two of the sources, the prospective arrangement involves the state-controlled AD Ports Group making an investment in an entity to be formed by the Turkiye Wealth Fund, responsible for overseeing the operations of the Izmir port along the Aegean coast.
To maintain confidentiality regarding the yet-to-be-finalized deal, the sources have opted for anonymity while discussing its particulars. The exact percentage of the stake remains undisclosed, though one source has suggested a potential valuation of approximately $500 million. The Izmir port, currently owned by Turkiye’s sovereign wealth fund, serves as a crucial gateway requiring the infusion of new investment.—Agencies